Located in the middle of the Mediterranean Sea, Mallorca has a rich history that dates back to the times of ancient Rome and major civilizations of the Middle Ages. With renowned historical monuments such as the impressive Palma Cathedral and the Royal Monastery of Lluc, its deep cultural heritage is engrained in every corner. Its appeal is further enhanced by its geographical position, as it is bathed by the Mediterranean Sea and boasts a wide variety of natural landscapes, from white sandy beaches to rugged mountains. In this sense, the island is the tangible reflection of a perfect postcard wrapped in luxurious serenity.
Mallorcan Real Estate Market
Currently, the market for exclusive properties in Mallorca is strong and stable, with a constant demand that matches the supply of luxury houses and apartments. The political and economic situation in Mallorca also remains stable, which offers a conducive environment for real estate investment.
Real estate commissions to be paid by both buyers and sellers typically average around 3-5% of the total value of the property. In addition, several additional costs must also be taken into account when purchasing a luxury home or apartment in Mallorca: firstly, the transfer tax which ranges between 8-10%; notary fees, and possible building inspection or legal costs.
In terms of taxes, the wealth tax on private property ownership of a house in Mallorca is 1.5%. As for the tax on profits when selling a house, it varies if the property is used as a main residence or as a second home. For main residences, profits are tax-exempt if the sale price is reinvested in another main residence. In the case of second homes, the tax is 19% for fiscal residents and 24% for non-residents.
Mortgages and Location
In terms of general mortgage requirements, these can vary. However, most banks in Mallorca allow financing up to 70% of the property value.
As for the most popular residential areas, places such as Puerto Portals, Pollensa and Andratx stand out, where sea views and proximity to luxury shops, sophisticated restaurants and golf courses are unmatched.
Accessibility and Services
Mallorca is easily accessible both by road and by plane, with Palma de Mallorca airport being the main access point to the island. In addition, it is located 130 km from Valencia and 200 km from Barcelona.
Education is of great importance, with various top-level international schools and the University of the Balearic Islands within easy reach.
Life in Mallorca
Mallorca, located in the province of the Balearic Islands, has a population of approximately 900,000 inhabitants. It offers immense natural delight with its dreamy beaches, its mountains of the Serra de Tramuntana, and its mild Mediterranean climate.
Sports and outdoor activities are abundant in Mallorca, with excellent facilities for playing golf, sailing and hiking. In addition, you will find luxury shops and a vibrant nightlife in areas like Puerto Portals and the city of Palma.
For food lovers, it offers a number of high-quality restaurants that offer a menu of local and international delicacies.
Culture and Health
Mallorca hosts numerous cultural and sporting events throughout the year, including the renowned Chopin Festival and the famous Copa del Rey regatta.
The island is also an important center for art and culture with facilities like the Museum of Modern and Contemporary Art in Palma and the Principal Theater of Palma.
In terms of health, Mallorca has excellent hospital facilities and top-level clinics. Likewise, public infrastructure in Mallorca is modern and efficient, offering a great availability of services for residents and visitors.
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